Blockchain: A few missing parts are all Web3 needs
By Mehab Qureshi
The Internet has been around for only a few decades, but it has become impossible to imagine living in a world without it. Many are now opting for an improved, decentralized version of the Internet we see today, commonly known as Web3. In fact, Web3 is billed as the “next big thing”. It is expected to be more democratized and decentralized, and will be harnessed by the power of blockchain technology.
“But for that, a number of things have to happen, such as interoperability between chains and higher security. One component that Web 3.0 cannot be realized without is real-time data,” said Chet Kapoor, chairman and CEO of DataStax. Kapoor has more than 20 years of management experience from innovative software and cloud companies, including Google, IBM, BEA Systems, WebMethods and NeXT.
For Web3 to take off, it also needs a “killer app”, one that runs everything. “What really made Android take off? It was not just a great operating system, but turn-by-turn directions on Google Maps. It was unique, only available on Android.
I do not think people have invented anything unique on Web3 yet, he says.
Kapoor believes India may be the country to do this, as it has tons of talent, along with a massive population. “Every product company is struggling with a couple of primary issues: Do you have enough engineers, and do you have enough users? Companies in India are not facing any of these problems.”
The blockchain space is still scattered at the moment. Although it is believed to have the potential to drive the “Internet of the future”, it lacks certain features needed to connect it more thoroughly and help it fulfill Web 3.0’s promise. The most important thing is that it lacks the main component – real-time data – which allows it to be large, in the same way that Web 2.0 (the modern internet) exploded. This is a well-recognized problem, and some are working to resolve it.
DataStax makes Ethereum blockchain available as a service to users. Developers can use an open API, submit all questions – and have access to real-time data.
It has uploaded the entire Ethereum blockchain to a database. Some entities even build global payment settlement networks based on blockchain while maintaining engagement systems outside the blockchain. But the question of how blockchain can help when you need real-time data needs to be answered.
Banks are already starting to make blockchain reconciliations. Kapoor says: “When a transaction takes place in one bank, and there is another in another bank, a lot of processing is needed to reconcile them. And it can happen on blockchain because it is transparent. Blockchain is starting to find its way to the back offices of the banks. “
One of the biggest factors driving Web3 is the metaverse. Both technologies support each other perfectly. Kapoor compares the growth in iPhone sales to metaverse. Angry Birds and Zynga were the first gaming apps on the iPhone. “These showed people how to interact with the device, but they were not game-changing applications,” he says, adding that “this is the stage Metaverse is at today. The version 2.0 apps on Metaverse will be very interesting.”
Work in progress
One component that Web 3 cannot be realized without is real-time data
For Web3 to take off, it also needs a “killer app”, one that runs everything
DataStax makes Ethereum blockchain available as a service to users
One of the biggest factors driving Web3 is the metaverse. Both technologies support each other perfectly
